Peter Chou has given up his position as CEO of Taiwanese HTC and will assume a new post as head of the company's Future Development Lab, the Taiwanese smartphone maker said Friday. The CEO position will be taken over by HTC co-founder and Chairwoman Cher Wang, the company said.

Over the past two years, Wang has become increasingly involved in the running of various aspects of the business to allow Chou to focus on product development, a role in which he has demonstrated world- class design and cutting-edge technology expertise, HTC said.

The company said the progression along with organizational changes nwould enable HTC to "proceed to the next stage of its development."

"We are seeing rapid changes in the industry, with the smartphone as our personal hub connecting us to a growing world of smart devices," Wang said in the statement. "We pioneered the smartphone industry; now we are applying that thinking to realize the potential of a new generation of connected products and services."

She said the overwhelming response that the company's first virtual reality product, the HTC Vive, received earlier this month highlighted the importance of new connected technologies in the future.

"As an entrepreneur at heart, I am excited to see so many new opportunities, and I am honored to accept this opportunity to help shape the next stage of HTC's development," Wang said.